HP Inc. Reports Fiscal 2018 Third Quarter Results


 
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(In millions)
 
  As of
  July 31, 2018  October 31, 2017
ASSETS   
Current assets:   
Cash and cash equivalents$6,195  $6,997 
Accounts receivable4,615  4,414 
Inventory6,091  5,786 
Other current assets4,875  5,121 
Total current assets21,776  22,318 
Property, plant and equipment2,112  1,878 
Goodwill5,930  5,622 
Other non-current assets4,436  3,095 
Total assets$34,254  $32,913 
    
LIABILITIES AND STOCKHOLDERS' DEFICIT   
Current liabilities:   
Notes payable and short-term borrowings$2,681  $1,072 
Accounts payable14,245  13,279 
Employee compensation and benefits1,008  894 
  Taxes on earnings265  214 
Deferred revenue1,099  1,012 
Other accrued liabilities6,208  5,941 
Total current liabilities25,506  22,412 
Long-term debt4,503  6,747 
Other non-current liabilities6,012  7,162 
Stockholders' deficit(1,767) (3,408)
Total liabilities and stockholders' deficit$34,254  $32,913 
        


 
HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
 
  Three months ended July 31
  2018  2017
Cash flows from operating activities:   
Net earnings$880  $696 
Adjustments to reconcile net earnings to net cash provided by operating activities:   
Depreciation and amortization132  90 
Stock-based compensation expense55  46 
Restructuring and other charges4  46  
Deferred taxes on earnings 149     207  
Other, net 36     48  
Changes in operating assets and liabilities, net of acquisition:      
Accounts receivable (15 )   (504 )
Inventory (571 )   (459 )
Accounts payable 1,187     1,712  
Taxes on earnings (134 )   (68 )
Restructuring and other (30 )   (58 )
Other assets and liabilities (179 )   19  
Net cash provided by operating activities 1,514     1,775  
Cash flows from investing activities:      
Investment in property, plant and equipment (117 )   (61 )
Purchases of available-for-sale securities and other investments (16 )   (1,035 )
Maturities and sales of available-for-sale securities and other investments 243      
Collateral posted for derivative instruments (240 )   (540 )
Collateral returned for derivative instruments 445     154  
Payment made in connection with business acquisition, net of cash acquired (16 )    
Net cash provided by (used in) investing activities 299     (1,482 )
Cash flows from financing activities:      
Proceeds from short-term borrowings with original maturities less than 90 days, net 740     972  
Proceeds from short-term borrowings with original maturities greater than 90 days 412      
Payment of short-term borrowings with original maturities greater than 90 days (97 )    
Payment of debt (33 )   (21 )
Net proceeds related to stock-based award activities 32     24  
Repurchase of common stock (696 )   (302 )
Cash dividends paid (223 )   (222 )
Net cash provided by financing activities 135     451  
Increase in cash and cash equivalents 1,948     744  
Cash and cash equivalents at beginning of period 4,247     6,223  
Cash and cash equivalents at end of period $ 6,195     $ 6,967  
               

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